In This Video, Mortgage Guru Shares Best Tips for Reno Loans, Locking Rates, Sticky Situations

Photo by Cate Corcoran

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    During the recent webinar “All You Need to Know About Mortgage Financing,” mortgage originator Barry Koven talked about the valuable financial tools that are available to buyers.

    The free webinar, part of the Brownstoner Home Events series, can be viewed here.

    Koven, branch manager and renovation specialist at loanDepot, spoke about why renovation loans are “the best kept secret in the mortgage industry.”

    “A renovation loan allows you to include the money to fix up the home,” he said. “Say you’re buying a home for $800,000 and you’ve saved up your 10 percent or 20 percent down but you don’t have the money to fix the home. You can take your $800,000 purchase, and if you want $100,000 for renovation we’re going to combine $900,000 into one loan. It’s an awesome product and not many people know about it.”

    Koven also spoke about non-bank lenders, mortgage rates and whether this is a good time to buy or refinance.

    The event was sponsored by Barry Koven and loanDepot.

    To learn about hosting and sponsorship opportunities for Brownstoner Home Events, please get in touch here.

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